to happen in europe, and we don't know what's going to happen in greece and we don't know what's going to have in the euro zone and the energy needs in china and india and industrialized nations. what do you think is the biggest threat from the outside to the u.s. economy? >> the fiscal cliff. first of all i think there are issues that are beginning to improve and, you know, whether you look at the euro zone which is making progress, gradually, laboriously and certainly improving and with good numbers because if you look at thinge ia because if you look at thinge a greg gat euro zone debt, and you have political stability back now that the new team is in place so the volatility and the instability factors that are outside have reduced. the real threat that we have at the moment is really here with us and that can be addressed. >> but when you look at, i mean i understood that the european banks had sort of downsized or downgraded what they thought would be growth. you've got more than 11% unemployment in the euro zone, which is a good deal higher than here. >> yeah yeah. >> are those

in europe. but, the consequences would be relatively minor. it is more exposed to it's own difficulties, and it's own issues, than to what happens elsewhere in the world, because it is such a large player. >> so we're our own 5,000 pound gor ri gorilla. >> let me ask you as a final question, january 2nd arrives, no deal, what will we notice first? >> lack of citizen, markets would react very quickly, and it would react in the stock market really taking a hit. i would say it will depend on what's on the horizon. the debt ceiling, and the long-term deficit and debt levels, that would be different. >> so that plan, even if it's a little late, would, you think, be better -- >> better comprehensive fix. >> thank you for joining us. >> when we return, the perils of doing nothing. >> reports indicate that the president has adopted a deliberate strategy to slow walk our economy right to the edge of the fiscal cliff. >> this is the same republican leadership that had the house and senate in session barely a day. i gave birth to my daughter on may 18th, five days later, i had a massive heart atta

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